How to trade the GBP/USD currency pair on September 7? Simple tips for beginners - Kakiforex.com - Financial Market Media No. 1 in the World How to trade the GBP/USD currency pair on September 7? Simple tips for beginners How to trade the GBP/USD currency pair on September 7? Simple tips for beginners
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September 7, 2021

How to trade the GBP/USD currency pair on September 7? Simple tips for beginners

 The GBP/USD pair corrected within the upward trend on the 30-minute timeframe on Monday, which continues to be supported by the upward channel. Thus, a price rebound from the lower boundary of this channel or the level of 1.3796 may provoke a resumption of the upward movement. Unfortunately, the pair continues to move in a very weak manner, as in the case of the euro/dollar. Therefore, the traditionally more volatile pound/dollar pair is also very difficult to trade at this time. For example, today no trading signals were generated on either the 30-minute timeframe or the 5-minute timeframe. Moreover, this situation is repeated quite often. The problem is that, along with the fall in volatility, the number of generated signals has also greatly decreased. If six months ago, 3-4 strong signals were formed every day, which needed to be worked out absolutely accurately, now it is 1-2 signals a day. And even then not every day.


The pair was correcting on the 5-minute timeframe, and not a single trading signal was formed during the day. Thus, by and large, there is nothing to analyze. The quotes approached the level of 1.3816 only by the end of the trading day, but never worked it out. And in any case, it is not recommended to open a position in the evening, since at night there is almost always a flat or very weak movement. At this time and during the day, either a flat or a weak movement is almost always observed. Therefore, you should not have opened any transaction during the day.


How to trade on Tuesday:


At this time, the pound/dollar pair is in an upward channel on the 30-minute timeframe,, so we advise beginners to look closely at buy signals from the MACD indicator. However, volatility is very weak even for the pound/dollar pair, so it is still better to wait for the movement to intensify before trading according to the MACD indicator signals. But a rebound from the level of 1.3796 or the lower channel line can be used as a buy signal, and overcoming these obstacles can be used as a sell signal. The important levels on the 5-minute timeframe are 1.3796, 1.3816, 1.3874, 1.3891. We recommend trading with them. The price can bounce off them or overcome them. As before, we set Take Profit at a distance of 40-50 points. At the 5M TF, you can use all the nearest levels as targets, but then you need to take profit, taking into account the strength of the movement. When passing 20 points in the right direction, we recommend setting Stop Loss to breakeven. There are no major publications or events scheduled for Tuesday in the UK and the US. Thus, volatility may remain very weak tomorrow.